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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of the Contractual Maturities of Our Investments in Debt Securities Measured at Fair Value

The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of December 31, 2022:

			Maturities by Period
			Total						Less Than 1 Year						1-5 Years						6-10 Years						More Than 10 Years
Fair value of debt securities			$	646.3					$	86.2					$	242.0					$	104.0					$	214.1

Summary of the Fair Value of Available-for-Sale Securities in an Unrealized Gain or Loss Position

A summary of the amount of unrealized gains and losses in accumulated other comprehensive loss and the fair value of available-for-sale securities in an unrealized gain or loss position follows:

			2022						2021
Unrealized gross gains			$	0.6					$	9.7
Unrealized gross losses			49.2						5.2
Fair value of securities in an unrealized gain position			46.8						250.7
Fair value of securities in an unrealized loss position			568.7						290.2

Schedule of Activity Related to Our Available-for-Sale Securities

Activity related to our available-for-sale securities was as follows:

			2022						2021						2020
Proceeds from sales			$	132.9					$	174.7					$	264.8
Realized gross gains on sales			0.4						2.8						4.5
Realized gross losses on sales			9.7						1.7						8.2

Schedule of Fair Value Information, Assets

The following table summarizes certain fair value information at December 31, 2022 and 2021 for investment assets measured at fair value on a recurring basis, as well as the carrying amount and amortized cost of certain other investments:

															Fair Value Measurements Using
			Carrying Amount						Cost (1)						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Fair Value
December 31, 2022
Cash equivalents(2)			$	657.4					$	657.4					$	650.4					$	7.0					$	—					$	657.4
Short-term investments:
U.S. government and agency securities			$	30.8					$	31.1					$	30.8					$	—					$	—					$	30.8
Corporate debt securities			53.4						53.5						—						53.4						—						53.4
Asset-backed securities			2.0						2.0						—						2.0						—						2.0
Other securities			58.6						58.6						—						39.1						19.5						58.6
Short-term investments			$	144.8
Noncurrent investments:
U.S. government and agency securities			$	146.4					$	163.2					$	146.4					$	—					$	—					$	146.4
Corporate debt securities			213.9						235.8						—						213.9						—						213.9
Mortgage-backed securities			149.2						161.5						—						149.2						—						149.2
Asset-backed securities			50.6						52.5						—						50.6						—						50.6
Other securities			398.6						34.5						—						311.0						87.6						398.6
Marketable equity securities			683.6						484.7						683.6						—						—						683.6
Equity investments without readily determinable fair values(3)			478.4
Equity method investments(3)			781.1
Noncurrent investments			$	2,901.8
December 31, 2021
Cash equivalents(2)			$	2,379.5					$	2,379.5					$	2,361.0					$	18.5					$	—					$	2,379.5
Short-term investments:
U.S. government and agency securities			$	25.7					$	25.6					$	25.7					$	—					$	—					$	25.7
Corporate debt securities			43.7						43.7						—						43.7						—						43.7
Mortgage-backed securities			0.2						0.2						—						0.2						—						0.2
Asset-backed securities			6.2						6.2						—						6.2						—						6.2
Other securities			14.3						14.3						—						—						14.3						14.3
Short-term investments			$	90.1
Noncurrent investments:
U.S. government and agency securities			$	137.0					$	136.8					$	137.0					$	—					$	—					$	137.0
Corporate debt securities			235.3						232.7						—						235.3						—						235.3
Mortgage-backed securities			109.8						108.1						—						109.8						—						109.8
Asset-backed securities			23.1						23.1						—						23.1						—						23.1
Other securities			108.1						22.2						—						—						108.1						108.1
Marketable equity securities			1,279.7						487.0						1,279.7						—						—						1,279.7
Equity investments without readily determinable fair values(3)			548.1
Equity method investments(3)			771.5
Noncurrent investments			$	3,212.6

(1) For available-for-sale debt securities, amounts disclosed represent the securities' amortized cost.

(2) We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. The cost of these investments approximates fair value.

(3) Fair value disclosures are not applicable for equity method investments and investments accounted for under the measurement alternative for equity investments.

Summary of Fair Value Information, Liabilities

The following table summarizes certain fair value information at December 31, 2022 and 2021 for our short-term and long-term debt:

									Fair Value Measurements Using
			Carrying Amount						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Fair Value
Short-term commercial paper borrowings
December 31, 2022			$	(1,498.0)					$	—					$	(1,492.0)					$	—					$	(1,492.0)
December 31, 2021			—						—						—						—						—
Long-term debt, including current portion
December 31, 2022			$	(14,740.6)					$	—					$	(12,329.3)					$	—					$	(12,329.3)
December 31, 2021			(16,884.7)						—						(18,157.7)						—						(18,157.7)

Schedule of Derivative Instruments

At December 31, 2022, we had outstanding foreign currency forward commitments as follows, all of which have settlement dates within 180 days:

December 31, 2022
Purchase									Sell
Currency			Amount (in millions)						Currency			Amount (in millions)
U.S. dollars			2,516.2						Euro			2,369.2
Euro			3,371.1						U.S. dollars			3,575.3
U.S. dollars			199.8						Chinese yuan			1,396.2
Japanese yen			14,139.9						U.S. dollars			105.3
U.S. dollars			90.9						Japanese yen			12,212.2
British pounds			207.1						U.S. dollars			254.7
Swiss franc			101.4						U.S. dollars			109.3

Schedule of Effects of Risk-Management Instruments Were Recognized in Other–Net, (Income) Expense

The following effects of risk-management instruments were recognized in other–net, (income) expense:

			2022						2021						2020
Fair value hedges:
Effect from hedged fixed-rate debt			$	(209.8)					$	(78.5)					$	86.9
Effect from interest rate contracts			209.8						78.5						(86.9)
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss			16.5						16.6						16.4
Cross-currency interest rate swaps			8.6						41.8						(102.4)
Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments			191.3						204.6						(123.7)
Total			$	216.4					$	263.0					$	(209.7)

Schedule of Effective Portion of Risk-Management Instruments that was Recognized in Other Comprehensive Income (Loss), Net Investment Hedges

The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:

			2022						2021						2020
Net investment hedges:
Foreign currency-denominated notes			$	324.9					$	435.0					$	(404.0)
Cross-currency interest rate swaps			52.0						213.7						(207.9)
Foreign currency forward contracts			(15.4)						—						—
Cash flow hedges:
Forward-starting interest rate swaps			391.5						97.6						(110.9)
Cross-currency interest rate swaps			29.8						42.3						(53.7)

Schedule of Effective Portion of Risk-Management Instruments that was Recognized in Other Comprehensive Income (Loss), Cash Flow Hedges

The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:

			2022						2021						2020
Net investment hedges:
Foreign currency-denominated notes			$	324.9					$	435.0					$	(404.0)
Cross-currency interest rate swaps			52.0						213.7						(207.9)
Foreign currency forward contracts			(15.4)						—						—
Cash flow hedges:
Forward-starting interest rate swaps			391.5						97.6						(110.9)
Cross-currency interest rate swaps			29.8						42.3						(53.7)

Schedule of Fair Value, by Balance Sheet Grouping

The following table summarizes certain fair value information at December 31, 2022 and 2021 for risk-management assets and liabilities measured at fair value on a recurring basis:

									Fair Value Measurements Using
			Carrying Amount						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Fair Value
December 31, 2022
Risk-management instruments
Interest rate contracts designated as fair value hedges:
Other noncurrent liabilities			$	(134.3)					—						$	(134.3)					—						$	(134.3)
Interest rate contracts designated as cash flow hedges:
Other receivables			162.9						—						162.9						—						162.9
Other noncurrent assets			246.0						—						246.0						—						246.0
Cross-currency interest rate contracts designated as net investment hedges:
Other receivables			67.6						—						67.6						—						67.6
Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets			53.1						—						53.1						—						53.1
Foreign exchange contracts designated as hedging instruments:
Other current liabilities			(38.3)						—						(38.3)						—						(38.3)
Foreign exchange contracts not designated as hedging instruments:
Other receivables			26.6						—						26.6						—						26.6
Other current liabilities			(21.5)						—						(21.5)						—						(21.5)
Contingent consideration liabilities:
Other current liabilities			(39.5)						—						—						(39.5)						(39.5)
Other noncurrent liabilities			(70.6)						—						—						(70.6)						(70.6)

									Fair Value Measurements Using
			Carrying Amount						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Fair Value
December 31, 2021
Risk-management instruments
Interest rate contracts designated as fair value hedges:
Other receivables			$	4.8					$	—					$	4.8					$	—					$	4.8
Other noncurrent assets			78.3						—						78.3						—						78.3
Other noncurrent liabilities			(7.6)						—						(7.6)						—						(7.6)
Interest rate contracts designated as cash flow hedges:
Other noncurrent assets			49.2						—						49.2						—						49.2
Other noncurrent liabilities			(31.7)						—						(31.7)						—						(31.7)
Cross-currency interest rate contracts designated as net investment hedges:
Other noncurrent assets			31.3						—						31.3						—						31.3
Other current liabilities			(1.2)						—						(1.2)						—						(1.2)
Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets			33.2						—						33.2						—						33.2
Other noncurrent liabilities			(1.3)						—						(1.3)						—						(1.3)
Foreign exchange contracts not designated as hedging instruments:
Other receivables			9.9						—						9.9						—						9.9
Other current liabilities			(35.3)						—						(35.3)						—						(35.3)
Contingent consideration liabilities:
Other noncurrent liabilities			(70.5)						—						—						(70.5)						(70.5)

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